Sound Point, 325 Fillmore price new CLOs; Eaton Vance resets $391.55 million 2015 CLO

By Cristal Cody

Tupelo, Miss., Dec. 22 – In new CLO issuance, Sound Point Capital Management LP priced $812.93 million of notes.

Also, 325 Fillmore LLC sold $413 million of notes in a new CLO offering.

About $100 billion of new broadly syndicated CLOs have priced in 2017, according to market sources.

Eaton Vance Management also refinanced $391.55 million of notes from a vintage 2015 CLO.

Overall CLO refinancing and reset volume is expected to total $170 billion by the end of the year, according to market sources.

Elsewhere, Intermediate Capital Managers Ltd. closed on its euro-denominated St. Paul’s CLO VIII DAC transaction via Merrill Lynch International on Wednesday, a market source said. Final pricing details were not immediately available.

Sound Point taps market

Sound Point Capital Management sold $812.93 million of notes due Jan. 20, 2031 in the new Sound Point CLO XVIII, Ltd./Sound Point CLO XVIII, Inc. transaction, according to a market source.

The CLO priced $520 million of class A-1 floating-rate notes at Libor plus 112 basis points in the senior tranche.

Deutsche Bank Securities Inc. was the placement agent.

Sound Point Capital has priced four new CLOs and refinanced eight vintage CLOs in 2017.

The New York-based asset management firm priced three new CLO deals in 2016.

325 Fillmore prints CLO

325 Fillmore sold $413 million of notes due Oct. 25, 2030 in a new broadly syndicated CLO offering, according to a market source.

Elevation CLO 2017-8, Ltd./Elevation CLO 2017-8 LLC priced $254 million of class A-1 senior secured floating-rate notes at Libor plus 116 bps at the top of the capital structure.

MUFG was the placement agent.

325 Fillmore has priced three new CLOs and refinanced one vintage CLO in 2017.

The CLO manager is an affiliate of Denver-based ArrowMark Colorado Holdings LLC.

Eaton Vance refinances

Eaton Vance Management priced $391.55 million of notes in a refinancing and reset of a vintage 2015 CLO deal, according to a market source and a notice of executed first supplemental indenture on Thursday.

Eaton Vance CLO 2015-1 Ltd./Eaton Vance CLO 2015-1, LLC sold the $246 million of class A-1-R senior secured floating-rate notes at Libor plus 107 bps.

Wells Fargo Securities, LLC arranged the transaction.

The maturity on the notes was extended to Jan. 20, 2030 from the original Oct. 20, 2026 maturity.

The original $408.55 million CLO was issued Oct. 29, 2015. The CLO had priced the $246 million of class A senior secured floating-rate notes at Libor plus 145 bps.

Boston-based Eaton Vance Management is a subsidiary of Eaton Vance Corp.

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